Interim Financial Statements (Un-audited)

For The Period July 2016 - March 2017

Beximco Pharmaceuticals Limited

 Beximco Pharmaceuticals Limited
Statement of Financial Position (Un-audited)
As at March 31, 2017
Taka '000
Notes As at March 31, As at June 30,
2017 2016
ASSETS

Non-Current Assets 24,053,302 22,620,900

Property, Plant and Equipment- Carrying Value 3 23,600,219 22,235,893
Intangible Assets 435,615 380,260
Investment 4 17,468 4,747

Current Assets 8,988,039 8,528,008

Inventories 5 3,047,607 2,770,332
Spares & Supplies 623,083 614,606
Accounts Receivable 1,918,354 1,680,607
Loans, Advances and Deposits 6 1,909,622 1,802,304
Short Term Investment 1,251,556 1,439,038
Cash and Cash Equivalents 7 237,817 221,121
TOTAL ASSETS 33,041,341 31,148,908

EQUITY AND LIABILITIES

Shareholders' Equity 24,479,030 23,059,412
Issued Share Capital 4,055,564 3,862,442
Share Premium 5,269,475 5,269,475
Excess of Issue Price over Face Value of GDRs 1,689,637 1,689,637
Capital Reserve on Merger 294,951 294,951
Revaluation Surplus 1,192,408 1,225,100
Fair Value Gain on Investment 3,462 1,295
Retained Earnings 11,973,533 10,716,512

Non-Current Liabilities 5,550,631 5,106,928

Long Term Borrowings-Net off Current Maturity (Secured) 8(A) 2,701,100 2,366,007
Liability for Gratuity and WPPF & Welfare Funds 1,046,253 984,198
Deferred Tax Liability 1,803,278 1,756,723

Current Liabilities and Provisions 3,011,680 2,982,568

Short Term Borrowings (Secured) 1,208,115 1,109,644
Long Term Borrowings-Current Maturity (Secured) 8(B) 718,717 920,388
Creditors and Other Payables 498,725 453,829
Accrued Expenses 152,583 151,087
Dividend Payable 18,366 386
Income Tax Payable 415,174 347,234
TOTAL EQUITY AND LIABILITIES 33,041,341 31,148,908
 Beximco Pharmaceuticals Limited
Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
For the Period July 2016 - March 2017
Taka '000
Notes July 2016 - July 2015 - January - January -
March 2017 March 2016 March 2017 March 2016

Net Sales Revenue 11,444,599 10,113,486 3,814,008 3,397,157

Cost of Goods Sold 9 (6,105,068) (5,405,003) (2,025,506) (1,863,685)

Gross Profit 5,339,531 4,708,483 1,788,502 1,533,472

Operating Expenses (2,754,843) (2,526,245) (969,478) (858,413)

Administrative Expenses 10 (404,631) (348,575) (135,726) (119,203)
Selling, Marketing and Distribution Expenses 11 (2,350,212) (2,177,670) (833,752) (739,210)

Profit from Operations 2,584,688 2,182,238 819,024 675,059

Other Income 136,798 179,956 39,404 53,713

Finance Cost (466,063) (492,360) (140,274) (164,676)
Profit Before Contribution to WPPF & Welfare Funds 2,255,423 1,869,834 718,154 564,096

Contribution to WPPF & Welfare Funds (107,401) (89,040) (34,198) (26,862)

Profit Before Tax 2,148,022 1,780,794 683,956 537,234
Income Tax Expenses (513,575) (404,951) (162,450) (106,516)
Current Tax (490,894) (319,057) (155,660) (114,887)
Deferred Tax (22,681) (85,894) (6,790) 8,371
Profit After Tax 1,634,447 1,375,843 521,506 430,718

Other Comprehensive Income- Fair Value Gain/

(Loss) on Investment in Listed Shares 2,167 (556) 1,386 (93)
Total Comprehensive Income 1,636,614 1,375,287 522,892 430,625

Earnings Per Share (EPS) / Adjusted EPS Tk. 4.03 3.39 1.29 1.06
Number of Shares used to compute EPS Nos. 405,556,445 405,556,445 405,556,445 405,556,445
 Beximco Pharmaceuticals Limited
Statement of Changes in Equity (Un-audited)
For the Period July 2016 - March 2017 Taka '000
As at March 31, 2017
Share Excess of Issue Price Capital Reserve Revaluation Fair Value Gain / (Loss) Retained Total
Share Capital
Premium over Face Value of GDRs on Merger Surplus on Investment Earnings
Balance as on July 01, 2016 3,862,442 5,269,475 1,689,637 294,951 1,225,100 1,295 10,716,512 23,059,412
Total Comprehensive Income for the period :
Profit for the Period - - - - - - 1,634,447 1,634,447
Other Comprehensive Income / (Loss) - - - - - 2,167 - 2,167
5% Final Cash Dividend (January 2015 to June 2016) - - - - - - (193,122) (193,122)
5% Stock Dividend (January 2015 to June 2016) 193,122 - - - - - (193,122) -
Adjustment for Depreciation on Revalued Assets - - - - (8,818) - 8,818 -
Adjustment for Deferred Tax on Revalued Assets - - - - (23,874) - - (23,874)
Balance as on March 31, 2017 4,055,564 5,269,475 1,689,637 294,951 1,192,408 3,462 11,973,533 24,479,030
Number of Shares on March 31, 2017 405,556,445
Net Asset Value (NAV) Per Share on March 31, 2017 Tk. 60.36

As at March 31, 2016

Share Excess of Issue Price Capital Reserve Revaluation Fair Value Gain / (Loss) Retained Total
Share Capital
Premium over Face Value of GDRs on Merger Surplus on Investment Earnings
Balance as on July 01, 2015 3,862,442 5,269,475 1,689,637 294,951 1,262,732 2,421 9,150,539 21,532,197
Total Comprehensive Income for the period :
Profit for the Period - - - - - - 1,375,843 1,375,843
Other Comprehensive Income / (Loss) - - - - - (556) - (556)
Adjustment for Depreciation on Revalued Assets - - - - (10,201) - 10,201 -
Adjustment for Deferred Tax on Revalued Assets - - - - (25,089) - - (25,089)
Balance as on March 31, 2016 3,862,442 5,269,475 1,689,637 294,951 1,227,442 1,865 10,536,583 22,882,395

Number of Shares on March 31, 2016 386,244,234

Net Asset Value (NAV) Per Share on March 31, 2016 Tk. 59.24
 Beximco Pharmaceuticals Limited
Statement of Cash Flows (Un-audited)
For the Period July 2016 - March 2017
Taka '000
July 2016 - July 2015 -
March 2017 March 2016
Cash Flows from Operating Activities :
Receipts from Customers and Others 11,205,966 10,098,372
Payments to Suppliers and Employees (8,670,751) (7,523,275)
Cash Generated from Operations 2,535,215 2,575,097
Interest Paid (466,063) (492,360)
Interest Received 125,561 180,846
Income Tax Paid (422,954) (420,723)
Net Cash Generated from Operating Activities 1,771,759 1,842,860
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment (1,937,531) (1,738,032)
Intangible Assets (67,415) (113,385)
Disposal of Property, Plant and Equipment 4,222 2,768
Dividend Received 1,428 1,428
Decrease in Short Term Investment 187,482 638,370
Net Cash Used in Investing Activities (1,811,814) (1,208,851)
Cash Flows from Financing Activities :
Net Increase/(Decrease) in Long Term Borrowings 133,422 262,270
Net Increase/(Decrease) in Short Term Borrowings 98,471 (589,343)
Dividend Paid (175,142) (367,899)
Net Cash Generated from Financing Activities 56,751 (694,972)
Increase / (Decrease) in Cash and Cash Equivalents 16,696 (60,963)
Cash and Cash Equivalents at Beginning of Period 221,121 194,952
Cash and Cash Equivalents at End of Period 237,817 133,989
Net Operating Cash Flow Per Share Tk. 4.37 4.77
Number of Shares used to compute Net Operating Cash Flow Per Share 405,556,445 386,244,234
 Beximco Pharmaceuticals Limited
Selected Notes to the Financial Statements (Un-audited)
For The Period July 2016 - March 2017

1. Reporting Entity

Beximco Pharmaceuticals Limited (BPL/the Company) is a public company incorporated in Bangladesh

in 1976. It commenced its manufacturing operation in 1980. The company is listed on Dhaka and
Chittagong Stock Exchanges of Bangladesh and AIM of London Stock Exchange. The company is
engaged in manufacturing and marketing of Pharmaceuticals Finished Formulation Products, Active
Pharmaceutical Ingredients (APIs) and life saving Intravenous Fluids which it sells in the local as well
as international markets. The registered office of the Company is located at House No. 17, Road No.
2, Dhanmondi R/A, Dhaka. The industrial units are located at Tongi and Kaliakoir of Gazipur District-
vicinities close to the capital city Dhaka.

2. Basis of Preparation of Financial Statements

These interim financial statements should be read in conjunction with the Financial Statements for
the period ended June 30, 2016 (hereafter referred to as the Annual Financial Statements), as they
provide an update to previously reported information.

The accounting policies used are consistent with those used in the Annual Financial Statements. The
financial statements have been prepared in accordance with the International Financial Reporting
Standards (IFRSs). The presentation of the Interim Financial Statements is consistent with the Annual
Financial Statements. Where necessary, the comparatives have been reclassified or extended to take
into account any presentational changes made in the Annual Financial Statements. The preparation of
the Interim Financial Statements requires management to make estimates and assumptions that affect
the reported amounts of revenues, expenses, assets and liabilities at the date of the Interim Financial
Statements. If in the future such estimates and assumptions, which are based on managements best
judgment at the date of the Interim Financial Statements, deviate from the actual, the original estimates
and assumptions will be modified as appropriate in the period in which the circumstances
change.

Taka 000

As at As at
March 31, 2017 June 30, 2016

3. Property, Plant & Equipment

Cost/Revaluation
Land 3,343,741 3,343,741
Building and Other Constructions 6,725,752 6,712,175
Plant and Machinery 11,469,252 11,324,018
Furniture and Fixtures 231,503 217,643
Transport and Vehicle 755,731 700,012
Office Equipment 519,953 502,150
23,045,932 22,799,739
Less :Accumulated Depreciation (7,073,629) (6,520,433)
Net Book Value 15,972,303 16,279,306
Capital Work in Progress 7,627,916 5,956,587
Carrying Value 23,600,219 22,235,893
 Taka 000

As at As at
March 31, 2017 June 30, 2016

4. Investments

Bangladesh Export Import Co. Ltd. 5,344 3,177

Central Depository Banglades Ltd. (CDBL) 1,570 1,570
Biocare Manufacturing SDN. BHD. 10,554 -
17,468 4,747

5. Inventories

Finished Goods 727,477 639,924

Raw and Packing Materials (Including Work in Process,
Lab Chemical and Stock in Transit) 2,229,395 2,002,733
Physician Sample 90,735 127,675
3,047,607 2,770,332

6. Loans, Advances and Deposits

Clearing & Forwarding 85,364 83,655

VAT 274,863 273,721
Security Deposit and Earnest Money 40,421 26,407
Capital Expenditure / Project 92,011 97,081
Advance against Salary 122,361 88,982
Motor Cycle 176,200 157,815
Raw & Packing Material 430,100 395,386
Overseas Liaison Office 21,934 19,067
Others 666,368 660,190
1,909,622 1,802,304

7. Cash and Cash Equivalents

(a) Cash in Hand (Including Imprest Cash) 152,322 2,812

(b) Cash at Bank:
(i) Current and FC Account 52,876 186,824
(ii) FDR Account 32,619 31,485
237,817 221,121

8. Long Term Borrowings:

A. Net off Current Maturity (Secured)

Project Loan - BHF Bank, Germany 1,096,103 469,409
Obligation Under Finance Leases 391,173 412,250
AB Bank 1,213,824 1,484,348
2,701,100 2,366,007

B. Current Maturity (Secured)

Project Loan - Local Banks 109,024 444,621
Project Loan - BHF Bank, Germany 82,628 41,054
Obligation Under Finance Leases 171,437 157,380
AB Bank 355,628 277,333
718,717 920,388
 Taka 000
For the Period For the Period
July 2016 to July 2015 to
March 2017 March 2016
9. Cost of Goods Sold

Materials 4,448,343 3,855,157

Factory Overhead 1,141,667 1,041,079
Depreciation 515,058 508,767
6,105,068 5,405,003

10. Administrative Expenses

Salary & Allowances 201,062 177,956

Repairs & Maintenance 29,722 28,761
Travelling & Conveyance 18,448 17,129
Company Secretarial, Regulatory Fee and AGM Expense 26,197 25,255
Depreciation 19,919 19,667
Other Expenses 109,283 79,807
404,631 348,575

11. Selling, Marketing and Distribution Expenses

Salary & Allowances 793,605 744,295

Travelling & Conveyance 280,680 278,107
Market Research & New Products 31,501 22,436
Sample, Literature & Promotional Expenses 580,212 528,161
Delivery Expense 341,292 274,207
Depreciation and Amortization 51,313 43,888
Other Expenses 271,609 286,576
2,350,212 2,177,670

A S F Rahman Salman F Rahman Nazmul Hassan Ali Nawaz Mohammad Asad Ullah, FCS
Chairman Vice Chairman Managing Director Chief Financial Officer Executive Director & Company Secretary